The year 2015 was a significant milestone in Oceanteam's company history, as it
saw the introduction and finalization of a number of strategic initiatives and
the building of a corporate profile aligned with our vision.
As a unified solution-driven company, focused on added value and client service,
we are working from a solid and diversified platform. This has allowed the
Company to exploit new and more economically feasible areas of the value chain
and lower the Company's client and market risk. The measures taken in 2015
reflect Oceanteam's core activities and priorities, underpinning our role as a
global and unique one-stop-shop with a clear commitment to our stakeholders.
We experienced a difficult and volatile period in the oil and gas market in
2015, and we have the outmost respect for the forces that are defining the
market cycles. To maintain the required financial flexibility, the Company took
various measures and made a number of changes through "The Next Step" project.
This has reduced operational and overhead costs considerably, making Oceanteam
far more scalable, effective and cost efficient. This is clearly reflected in
our financial performance.
We believe the ability to be agile and adaptable in the current market is a
prerequisite for further improvement of operations and corporate activities. It
is also essential to our ability to identify new and sustainable business
opportunities.
DOT Shipping in Mexico is one of our operations progressing above expectations
and demonstrating sustainability and profitability.
This joint venture with one of the most experienced and recognized operators in
the Mexican Gulf, Diavaz, has been very productive, with the delivery of two
FSVs and one major Offshore Support Vessel under construction, with delivery
expected at the end of 2016. All vessels are fully financed and are being built
on the back of long- term contracts. In view of the exiting growth opportunities
in the Mexican Gulf, we are confident that Oceanteam is ideally positioned to
secure both short-term profitability and long-term growth.
Oceanteam is today one of the few companies in the world that combines both
high-end engineering know- how, shipping expertise and equipment capabilities in
one single service. This integration of different services throughout the Group,
in combination with the Company's offshore shipping assets, boosted our
operational, financial and strategic strengths in 2015. We believe these
attributes will be even more valuable in the years ahead.
As we close the books on 2015, we do so with a sound financial foundation, a
solid backlog and Oceanteam Solutions in a unique position to capitalise on the
opportunities we believe will emerge in the years ahead and next cycle in this
sector.
With kind regards,
Haico Halbesma
Chief Executive Officer
About Oceanteam ASA
The Company is comprised of two operating segments, Oceanteam Shipping and
Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water
offshore support vessels and fast support vessels. Oceanteam Solutions focus is
to provide its clients with complete offshore solutions. This year, Oceanteam
ASA is having its ten year anniversary, celebrating a decade of offshore
solutions.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no
CFO Torbjørn Skulstad: +47 55 10 82 40, torbjorn@oceanteam.no
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#2008786]